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BUDGETARY POLICY AND THE STATE OF PUBLIC FINANCES IN THE EU SCANDINAVIAN COUNTRIES IN 2000 – 2018

B. Mucha-Leszko, K. Twarowska

First published: 2018https://doi.org/10.5593/sgemsocialF2018/1.6/S03.042View metrics

Abstract

The subject of this paper is an analysis and evaluation of budgetary policy and the state of public finances in Scandinavian countries of the European Union (Denmark, Finland and Sweden) in 2000-2018. The adopted basis of assessment is budget deficit and public debt ratios to the GDP. The statistical data was drown from the AMECO and IMF databases. Comparison of the situation of the public finances in the analysed countries to the average situation in the euro area is an important aspect of the evaluation. The goal of the paper is also to identify positive and negative changes in public finances in Denmark, Finland and Sweden and in particular the consequences of the economic slowdown in 2001-2003 and recession of 2009. The research revealed that before the crisis of 2008-2009 the situation in public finances of the analysed three countries was much more stable than in the euro area. However, the crisis resulted in a significant deterioration of the budgetary situation in Finland and in an increase of public debt up to over 63% of GDP (2015), while in Denmark it was only 39,9% of GDP and in Sweden 44,2% of GDP. Scale of the crisis in Finland was a consequence of the deep economic recession in 2009 and the prolonged second wave of recession in 2012-2015.

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Publication details

Title
BUDGETARY POLICY AND THE STATE OF PUBLIC FINANCES IN THE EU SCANDINAVIAN COUNTRIES IN 2000 – 2018
Authors
B. Mucha-Leszko, K. Twarowska
Proceedings
5th International Multidisciplinary Scientific Conference on Social Sciences and Arts SGEM 2018
Publisher
STEF92 Technology
Year
2018
Pages
339-346
SWS Citekey
Mucha-Leszko20183339346
ISSN
2367-5659
ISBN
978-619-7408-67-6
Language
en
Publication type
Proceedings Paper
Keywords
DenmarkFinland and Swedenbudgetary policystate of public financesconsequences of crisis
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